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Do Customers Actually Pay The VAT For Fast-foods And Others? Pics - Politics - Nairaland

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Do Customers Actually Pay The VAT For Fast-foods And Others? Pics by murphyibiam15(m): 12:34pm On May 10, 2020
It just occurred to me that I keep seeing VAT charge on things I buy in fast foods...for instance I went to Chicken Republic a day ago and when I looked at my bill I found out that I paid 7.5% VAT..does it mean that the VAT I and other customers pay is what the company use to pay their own Tax, meaning they don't spend out of their pocket to pay tax or the VAT we pay is different from the one the fast food will pay later?

Explanations please..

Lalasticlala mynd44 I'm sure others would like to know..thank you!

Re: Do Customers Actually Pay The VAT For Fast-foods And Others? Pics by Sammy07: 12:46pm On May 10, 2020
Both What You and Other customers pay is what they use to pay tax, they'll add from their own Sales too.

So as to meet target

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Re: Do Customers Actually Pay The VAT For Fast-foods And Others? Pics by Simplyleo: 12:47pm On May 10, 2020
It is called Value Added Tax.

You pay tax for the value of the service rendered to you. This goes straight into the govt purse. The eatery in turn pay tax for profit made within the period. It also goes to the govt purse.

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Re: Do Customers Actually Pay The VAT For Fast-foods And Others? Pics by GamalNasser: 12:49pm On May 10, 2020
VAT is not a profit and loss Item ,they will remit it as VAT to FIRs which is different from the Company Income Tax they will pay separately again , Company Income tax is an item of the P&L

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Re: Do Customers Actually Pay The VAT For Fast-foods And Others? Pics by Stalwert: 12:49pm On May 10, 2020
murphyibiam15:
It just occurred to me that I keep seeing VAT charge on things I buy in fast foods...for instance I went to Chicken Republic a day ago and when I looked at my bill I found out that I paid 7.5% VAT..does it mean that the VAT I and other customers pay is what the company use to pay their own Tax, meaning they don't spend out of their pocket to pay tax or the VAT we pay is different from the one the fast food will pay later?

Explanations please..

Lalasticlala mynd44 I'm sure others would like to know..thank you!

There is also Company Tax and income. There are a range of taxes to be paid but VAT is directly transferred to the customers.

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Re: Do Customers Actually Pay The VAT For Fast-foods And Others? Pics by Nobody: 1:34pm On May 10, 2020
murphyibiam15:
It just occurred to me that I keep seeing VAT charge on things I buy in fast foods...for instance I went to Chicken Republic a day ago and when I looked at my bill I found out that I paid 7.5% VAT..does it mean that the VAT I and other customers pay is what the company use to pay their own Tax, meaning they don't spend out of their pocket to pay tax or the VAT we pay is different from the one the fast food will pay later?

Explanations please..

Lalasticlala mynd44 I'm sure others would like to know..thank you!
Yes they remit to government.
Federal inland revenue and Lagos state tax officers go to restaurant to demand tax clearance.But I don't know if the officers remit the funds to government coffers.
Re: Do Customers Actually Pay The VAT For Fast-foods And Others? Pics by murphyibiam15(m): 3:13pm On May 10, 2020
cucumbae:
Yes they remit to government.
Federal inland revenue and Lagos state tax officers go to restaurant to demand tax clearance.But I don't know if the officers remit the funds to government coffers.
Ok..so do the restaurants pay a different tax different from the VAT they collected from the people just like the one I posted
Re: Do Customers Actually Pay The VAT For Fast-foods And Others? Pics by murphyibiam15(m): 3:14pm On May 10, 2020
GamalNasser:
VAT is not a profit and lost Item ,they will remit it as VAT to FIRs which is different from the Company Income Tax they will pay separately again , Company Income tax is an item of the P&L
Ok...clarified
Re: Do Customers Actually Pay The VAT For Fast-foods And Others? Pics by Nobody: 6:26pm On May 10, 2020
murphyibiam15:

Ok..so do the restaurants pay a different tax different from the VAT they collected from the people just like the one I posted
There are government tax officers who go to them to demand for tax clearance certificate.

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